All MLS systems should require that properties not be allowed to be advertised as "Short Sales" unless that agreement has already been negotiated with the lender. I am an agent in Georgia and this is a misleading practice is is terribly abused! "Short Sale" is represented on listing after listing with no understanding on how the process works.
A short sale is a very time consuming and tedious process. It is not for the impatient buyer or seller.
If your client has asked about or is considering a short sale transaction, make sure that you explain the process thoroughly. Very detailed records must be kept and it is much harder to get approved than the current market wonks would suggest.
As an agent, it is irresponsible (and should be illegal) to advertise a property as a short sale unless the process has already begun and you have been educated and trained on the execution of the contract and the neccessary paperwork.
I would like to see the MLS systems crack down on this overused and much misunderstood representation.
Until then, Brokers across the country should educate their agents to avoid misleading the public.
What state are you from and is it allowed?
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